The research firm estimates that the personal and education category of robots will exceed $4.5 billion by 2025
The research firm estimates that the personal and education category of robots will exceed $4.5 billion by 2025
According to a report from Counterpoint yesterday, the global consumer services robotics market grew last year and the trend is expected to increase over the next three years.
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According to the research firm, the consumer services robotics market grew 25% in 2021 over the previous year and is projected to grow at a compound annual growth rate (CAGR) of 27% over the next four years.
The research firm said changes in consumer preferences, advances in technology and availability of a variety of affordable products have fueled the growth.
“With advances in AI, the prices of components and software are also coming down, making robots more affordable,” said Anshika Jain, senior research analyst at Counterpoint.
He said that along with improvements in technologies such as speech recognition and computer vision, favorable government policies and necessary funding support are other factors driving growth.
Consumer service robots include robots in household cleaning, personal and education, hospitality, logistics, medical and other fields.
The research firm estimated that the personal and education category robots market will exceed $4.5 billion and take the highest share of 54% by 2025. This is due to the growing need for elderly care, social security and new ways of learning for children.
logistics or delivery robot Another key area which has good potential for growth going forward is technological advances. Counterpoint said that medical robots still appear to be a risky proposition because they require a lot of capital expenditure, and R&D results are unpredictable.